White House likely to pursue federal aid for shale companies hit by oil shock, coronavirus downturn

White House likely to pursue federal aid for shale companies hit by oil shock, coronavirus downturn

President Trump listens at the White House on March 9, as Vice President Pence speaks about the coronavirus outbreak.. Reporter covering the business of climate change. National political reporter covering the White House, Congress and campaigns. The White House is strongly considering pushing federal assistance for oil and natural gas producers hit by plummeting oil prices amid the coronavirus outbreak, as industry officials close to the administration clamor for help, according to four people familiar with internal deliberations.. But many oil and gas firms were hammered Monday by the price war that broke out between Saudi Arabia and Russia, driving oil prices down in their steepest one-day drop in almost 30 years.. White House officials are alarmed at the prospect that numerous shale companies, many of them deep in debt, could be driven out of business if the downturn in oil prices turns into a prolonged crisis for the industry.. Another senior administration official confirmed the relief for shale companies was under consideration but cautioned political blowback over the idea may eventually lead campaign advisers and others in administration to talk Trump out of it.. Since joining The Washington Post in 1989, he has covered economic policy, China, diplomacy,